Locust Dale, Madison County, Virginia Property Taxes

Name: Property Tax Bills Across Locust Dale, Madison County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Locust Dale, VA effective property tax rate: 0.74%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Locust Dale, VA home value: $262,500
Median annual Locust Dale, VA tax bill: $1,963, $437 lower than the national median property tax bill of $2,400.

How are property taxes in Madison calculated?

Property taxes in Locust Dale, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Locust Dale’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Locust Dale, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Locust Dale, Madison County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.74%

Estimate Property Tax Bill

$1,963

$1,821

Ownwell’s Locust Dale Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Locust Dale with just two data points. By entering your property's estimated assessed value, our calculator applies Locust Dale’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Madison County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Locust Dale, Madison County, Virginia

Local government entities determine tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Locust Dale’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S. Locust Dale in Madison County has a median property tax rate of 0.74%. This rate is notably lower than the national median property tax rate of 1.02%, making it an attractive location for property owners seeking lower tax burdens. In contrast to other regions, where property tax rates can significantly impact annual expenses, Locust Dale offers a more favorable financial environment. Whether you are a homeowner or considering investing in property, understanding these tax implications can be crucial for financial planning and making informed decisions.

Property Tax Rates Across Locust Dale, Madison County, Virginia

Source: Ownwell

0.74%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Locust Dale Tax Rate

0.74%

Median Effective Madison County Tax Rate

0.74%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Locust Dale, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
22948	0.74%	0.74%	0.74%	0.74%	0.74%

Source: Ownwell

Property Tax Assessment Values Across Locust Dale, Madison County, Virginia

When examining property taxes in Locust Dale, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Locust Dale. For example, the median home price in Locust Dale is $262,500, with tax bills ranging significantly across the county. Zip code 22948 has the highest median home price at $262,500.

Property Tax Assessment Values Across Locust Dale, Madison County, Virginia

Source: Ownwell

$124,600

$194,925

$265,250

Median Locust Dale Market Value

$265,250

Median Madison County Market Value

$212,100

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Locust Dale, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
22948	$132,720	$174,375	$265,250	$352,325	$436,350

Source: Ownwell

Property Tax Bills Across Locust Dale, Madison County, Virginia

In Locust Dale, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Factors such as property location, home size, and recent sales in the area can influence the assessed value. Homeowners in Locust Dale see a range of property tax bills, with the 25th percentile at $1,298 and the 90th percentile reaching $3,204. The median tax bill in the area is $1,963, which is below the national median of $2,400, offering some relief to residents.

Ownwell offers valuable assistance to homeowners by providing expert property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell can help reduce tax liabilities, ensuring homeowners only pay their fair share. This can result in significant savings, especially for those with higher tax bills. With Ownwell's support, Locust Dale homeowners can navigate the complexities of property taxes with confidence and ease.

Property Tax Bills Across Locust Dale, Madison County, Virginia

Source: Ownwell

$922

$1,443

$1,963

Median Locust Dale Tax Bill

$1,963

Median Madison County Tax Bill

$1,540

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across Locust Dale, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
22948	$982	$1,290	$1,963	$2,546	$3,107

Source: Ownwell